What is the difference between a devaluation and a revaluation of a currency?
What will be an ideal response?
A devaluation is a reduction in a fixed exchange rate and a revaluation is an increase in a fixed exchange rate.
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According to this Application, tariffs in the United States are very high on textiles, apparel items and footwear. These tariffs disproportionately impact lower-income households because
A) these products represent a higher fraction of consumption of lower-income households than higher-income households. B) the tariffs are only applicable to lower-income households. C) higher-income households tend to purchase products produced in the United States, which are not subject to tariffs. D) lower-income households tend to purchase more of these items than do higher-income households.
For a consumer, the marginal utility of good A is 25 and its price is $5. The marginal utility of good B is 60 and its price is $12. The consumer has allocated his entire budget. Is this consumer maximizing his total utility? Explain your answer
What will be an ideal response?